Download PDFIndofood CBP ( IJ; Rp10,375; Buy) - Robust FY18 performance, above expectations.
recorded net sales of Rp8.9tn in 4Q18 (-11% qoq; +9% yoy) and Rp38.4tn cumulatively in FY18 (+8% yoy), forming 100% and 99% of consensus and our estimates respectively.
GPM improved quite significantly in FY18 to 31.9% (+80bps yoy), while net margin recorded an even more aggressive improvement to 12.1% (+210bps yoy).
Significant cost efficiency can be seen, as operating cost managed to decline slightly by -0.3% yoy in FY18. This managed to inflate OPM by +210bps yoy to 16.8% in FY18.
The company booked net profit of Rp1.1tn in 4Q18 (-11% qoq; +129% yoy) and Rp4.7tn cumulatively in FY18 (+31% yoy), forming 106% of consensus estimate and 105% of ours.
We are still maintaining our BUY on with TP of Rp11,500.
(IDR Bn) | 4Q17 | 3Q18 | 4Q18 | % QoQ | % YoY | 12M17 | 12M18 | % YoY | vs. cons | vs. ours |
Net Sales | 8,176 | 10,019 | 8,935 | -11% | 9% | 35,607 | 38,413 | 8% | 100% | 99% |
COGS | 5,749 | 6,717 | 6,261 | -7% | 9% | 24,548 | 26,148 | 7% | ||
Gross Profit | 2,427 | 3,302 | 2,674 | -19% | 10% | 11,059 | 12,266 | 11% | 100% | 102% |
Operating Cost | 1,364 | 1,598 | 1,201 | -25% | -12% | 5,837 | 5,818 | 0% | ||
Operating Profit | 1,063 | 1,704 | 1,474 | 14% | 39% | 5,222 | 6,448 | 23% | 107% | 108% |
Other | -98 | 21 | 26 | 20% | -126% | -15 | -1 | -93% | ||
Tax | 481 | 487 | 395 | -19% | -18% | 1,663 | 1,788 | 7% | ||
Net Profit | 483 | 1,239 | 1,104 | -11% | 129% | 3,543 | 4,659 | 31% | 106% | 105% |
Gross Margin (%) | 29.7% | 33.0% | 29.9% | 31.1% | 31.9% | |||||
Oper. Margin (%) | 13.0% | 17.0% | 16.5% | 14.7% | 16.8% | |||||
Net Margin (%) | 5.9% | 12.4% | 12.4% | 10.0% | 12.1% |
Sumber : IPS RESEARCH
powered by: IPOTNEWS.COM
